Timely and valuable hospitality accounting services
With the ups and downs hospitality businesses have seen in the past few years, they need accounting help that stands the test of time. In a similar boat? You’re in luck!
Whether you’re a hotel, restaurant, pub, or cafe owner, Lyel Accountants has the know-how to help you flourish.
BANK ON OUR SPECIALISM
Accounting in hospitality management done right
The hospitality industry is diverse and creative. Despite brimming with opportunities for growth, profit margins and consumer spending are tight, and the economy is more unpredictable than ever. Businesses must have their financial status at their fingertips.
Thankfully, we can look after all your accounting functions, such as payroll, year-end accounts, bookkeeping, VAT, and tax returns. We can help with reporting on wet and dry sales so you can see just what’s driving your business.
Our hospitality accounting services are comprehensive, compliant, and 100% reliable – just what you need to gain a competitive edge today.
The length and breadth of our
hospitality accounting services in the UK
- Bookkeeping
High volumes of transactions can stress anyone! Let us simplify your bookkeeping, keeping your records up-to-date and error-free. We’ll also help you plan your budget well ahead of others with an exact market forecast. Try us!
- COMPANY FORMATION
Launching a hospitality business requires a deep understanding of the industry’s pulse. It’s best to get specialised support in setting up your venture, focusing on accounting strategies for long-term success.
- MANAGEMENT ACCOUNTS
With the type of downturn this sector has seen, businesses should have all the necessary numbers to adapt to market changes and optimise profitability. Report on performance, cost, and revenue with our help.
- PAYROLL
Salary management can be challenging in hospitality due to variable hours and seasonal staffing. Our services ensure efficient, timely payroll processing, regardless of your business size and workforce arrangement.
- STATUTORY ACCOUNTS
Get ahead of all statutory deadlines and make sure your business avoids penalties and fines by having us prepare and submit statutory accounts on time. Minimise your worries with the help of our top-notch accounting team.
Tax Services
Your go-to choice for
Hospitality tax solutions
- CAPITAL GAINS TAX [CGT]
![Capital Gains Tax [CGT]](https://ml6vg127rahp.i.optimole.com/w:527/h:200/q:mauto/f:best/https://lyelaccountants.co.uk/wp-content/uploads/2024/02/tax-4.jpg)
For hospitality businesses, we handle CGT calculations on the sale of assets such as properties and fixtures, offering guidance to reduce tax impact and reinvest effectively in your business. Our Capital Gains Tax accountants won’t disappoint.
- CORPORATION TAX [CT]
![CORPORATION TAX [CT]](https://ml6vg127rahp.i.optimole.com/w:527/h:200/q:mauto/f:best/https://lyelaccountants.co.uk/wp-content/uploads/2024/02/tax-3.jpg)
In the hospitality industry, Corporation Tax management is crucial. We assist in optimising tax positions, including handling allowances and reliefs specific to hospitality, to improve your bottom line. Do you want to know more? Get in touch.
- SELF ASSESSMENT
If you’re a sole trader, a partner in a business, or running a limited company in this sector, ensure accurate tax reporting and help claim allowable expenses to reduce tax liabilities with our support.
- VAT
We specialise in optimising VAT efficiency for hospitality businesses, handling everything from VAT registration to compliance in areas like food and beverage sales, accommodation, and event services. Simplify VAT!
CONTACT US ANYTIME
Benefit from our hospitality accounting services and run your business comfortably.
REASON TO HIRE US
Why use our hospitality
accounting services
We’re highly experienced in all areas of the hospitality industry and can help you sort out any of your queries with ease.
We’ll help you stay informed on key developments and opportunities in the sector throughout the year.
We can assist you in your day-to-day accounting practices, advise on margins, and suggest and implement accounting systems.
Our dedicated client manager is committed to providing you with professional and amicable support at all times.
FREQUENTLY ASKED QUESTIONS
Got a question about our hospitality accounting services?
How can you help businesses manage fluctuating cash flows in the hospitality industry?
We recognise that cash flow is often subject to considerable variability in this sector due to unforeseen events and shifting consumer trends. To address this, we provide comprehensive cash flow forecasts considering such uncertainties. We aim to help you effectively anticipate and prepare for high and low revenue periods.
Additionally, we develop and manage adaptable budgets that respond to your business’ evolving needs. Our skilled accountants excel in pinpointing crucial cost areas and advising on spending optimisation, especially during peak seasons. We also offer guidance in establishing and maintaining an emergency fund, which is essential for navigating unexpectedly low business activity periods.
How do you tailor your accounting services for different types of hospitality businesses (e.g., hotels, restaurants, pubs)?
Each segment within this sector – hotels, restaurants, and pubs – has unique financial needs and challenges. Our hospitality accounting services are customised as follows:
- For hotels: We focus on strategies for managing room occupancy rates, event space utilisation, and ancillary services like spas and dining. Our services also include managing online travel agency commissions and optimising booking channels.
- For restaurants: Our approach includes managing inventory costs, supplier contracts, and menu profitability analysis. We also provide insights into labour cost management, especially during varying levels of business activity.
- For pubs: Key services include managing liquor licence requirements, inventory tracking for diverse beverage selections, and strategies for peak hour profitability.
Can you provide support during peak seasons or times of crisis?
In times of high demand or crisis, our hospitality accounting services are designed to provide robust support. For example, during peak season, we offer increased assistance in areas such as rapid financial reporting, real-time revenue tracking, and managing temporary staff costs. This ensures you can focus on operational efficiency and guest satisfaction.
In times of crisis, our services include cash flow management under reduced revenue, assistance with obtaining government grants or relief funds, and restructuring financial strategies to adapt to new market conditions. To learn more, book a consultation with us.
TESTIMONIES OF EXCELLENCE
Appreciation our clients
have showered on us
"LYEL Accountants really helped me when other wouldn’t. Professional, efficient and cost effective."
Muhammad Abbas
Owner
"Professional, very helpful and excellent team to work with. I am very pleased with their work and highly recommend them!"
Reza Ghaffari
Owner
"LYEL Accountants really helped me when other wouldn’t. Professional, efficient and cost effective."
Muhammad Abbas
Owner
"Professional, very helpful and excellent team to work with. I am very pleased with their work and highly recommend them!"
Reza Ghaffari
Owner
